A testamentary trust is one that is established under the terms of a decedent's Will. The Will and trust must be approved by the probate court, and the trustee will also be approved by the court. Once those approvals are obtained, the trustee takes possession of property to be transferred into the trust as directed by the Will and approved by the court.
Property in the form of cash or bank accounts will have to be deposited in one or more accounts in the name of the trust, which can be opened by the trustee by visiting a bank or credit union and supplying documentation of the trust and his or her authority to act as trustee. This is usually a copy of the trust documents approved by the court, or a court order. He or she may also have to provide the bank or credit union personal identification.
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A testamentary trust is one that is established under the terms of a decedent's Will. The Will and trust must be approved by the probate court, and the trustee will also be approved by the court. Once those approvals are obtained, the trustee takes possession of property to be transferred into the trust as directed by the Will and approved by the court. 